On Monday, the Hang Seng Index fell by 201 points, or 0.8%, closing at 26,344. This decline reversed a previously flat finish, linked to a significant drop in U.S. futures ahead of anticipated Federal Reserve speeches and a pivotal U.S. inflation report due this week. Market caution increased with Hong Kong's inflation data for August expected later today, as well as preparations for one of the region's most intense super typhoons in years. In response, Hong Kong International Airport announced that it would halt passenger flights for 36 hours starting Tuesday evening, with the Airport Authority confirming measures in place for the approaching storm, named Ragasa.
Despite these challenges, losses were somewhat mitigated by the People's Bank of China's decision to maintain key lending rates at record lows for the fourth consecutive month in September, aligning with market expectations. The property sector led the declines, falling over 1%, followed by financial, consumer, and technology stocks. Notably, BYD Co. dropped 2.2% following disclosures that Berkshire Hathaway had completely divested its 17-year investment. Among other significant decliners were Citic, which decreased by 6.3%, SITC International, which fell by 5.9%, Techtronic Industries, with a 4.0% loss, and Kuaishou Technology, which edged down by 2.2%.
